73% Of The CEOs Expect Global Economic Slowdown In 2023: Report

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A global survey of CEOs released on Monday revealed that 73 per cent of them expected global economic growth to slow over the next 12 months, the most pessimistic outlook in more than a decade.

PwC said in a statement released on the first day of the World Economic Forum Annual Meeting that this is a significant departure from the optimistic outlook of 2021 and 2022, when more than two-thirds of respondents expected economic growth to improve.

Since PwC began asking this question 12 years ago, CEOs have been the most pessimistic about global economic growth.

According to the survey, nearly 40 per cent of CEOs do not believe their companies will be economically viable in ten years if they do not transform.

Inflation, macroeconomic volatility, and geopolitical conflict were the top global threats, while cyber and health risks decreased from the previous year.

The survey also showed that companies are cutting costs but do not plan yet to reduce headcount or salaries in their fight to retain talent following the ‘great resignation’.

When compared to the United States, Brazil, India, and China, leaders in France, Germany, and the United Kingdom were found to be less optimistic about domestic growth than global growth.

Between October and November 2022, the 26th annual survey was conducted among 4,410 CEOs from 105 countries and territories, including 68 CEOs from India.



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